#Africa #Markets – Factors to watch on April 4

NAIROBI, April 4 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Tuesday.
– – – – –
GLOBAL MARKETS
Asian shares inched lower on Tuesday as caution reigned
ahead of a potentially tense meeting between U.S. President
Donald Trump and his Chinese counterpart Xi Jinping later
this week.

WORLD OIL PRICES
Oil prices edged lower in early Asian trading on Tuesday as
a rebound in Libyan production put pressure on the market,
along with a rise in U.S. drilling rig capacity that signals
potential for increased supply.

SOUTH AFRICA MARKETS
South Africa’s rand fell more than 2 percent on Monday to
its weakest in almost three months after S&P Global Ratings
cut the country’s credit score to sub-investment grade with
a negative outlook after last week’s dismissal of the South
African finance minister.

NIGERIA FOREIGN EXCHANGE
Nigeria’s central bank said on Monday that it had offered
$150 million in currency forwards, as it sold dollars to try
to narrow the spread between the naira’s official and black
market exchange rates.

NIGERIA STRIKE
Nigerian oil tanker drivers ended a strike over pay and the
poor condition of the roads just hours after it began on
Monday, following a government intervention, ending the
threat of fuel shortages developing.

SOMALIA PIRACY
Pirates have hijacked an Indian commercial vessel off the
coast of Somalia, the second attack in weeks after years
without such seizures, industry and security sources said on
Monday.

KENYA BANKING
Kenya’s government has unveiled a package of initiatives
under its latest budget to develop Islamic finance in the
country, as part of efforts to mobilise local funds and set
Nairobi as a regional hub for the sector.

KENYA MARKETS
The Kenyan shilling was seen to be under pressure
against the dollar on Monday due to demand from oil and
retail importers, traders said.

GHANA RESERVES
Ghana has raised $2.2 billion from a sale of long-dated
domestic bonds on Friday, boosting its central bank reserves
by a third, the Finance Ministry said on Monday.

BOTSWANA GROWTH
Botswana’s economy expanded 0.1 percent quarter-on-quarter
in the last three months of 2016 versus a revised 1.1
percent contraction in the third quarter, data from the
statistics office showed on Monday.

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